Micro Focus completes acquisition of NetManage, Inc.
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LONDON--(Business Wire)-- Micro Focus International plc (MCRO.L "Micro Focus" or "the Group"), today announced that it has completed the acquisition of NetManage, Inc. the NASDAQ-listed software provider of technologies to transform core applications into new Web-based business solutions. Completion of the transaction follows a special meeting of NetManage, Inc. shareholders held on 17 June 2008 at which its shareholders accepted the Offer. As previously announced by Micro Focus, it is intended that the NetManage business will now be fully integrated into the Micro Focus Group. On 1 May 2008, Micro Focus announced an agreed offer for NetManage valuing the existing issued share capital of NetManage at approximately US$73.3 million including the value of all outstanding options. In accordance with the terms of the transaction, NetManage's cash balance immediately prior to closing was over and above the minimum $25 million as per the agreement, standing at approximately $27 million. Stephen Kelly, CEO of Micro Focus International plc said: "Combining the businesses of Micro Focus and NetManage will further strengthen Micro Focus's position as a leading player in the fast growing Application Modernisation market and provide the enlarged Group with further opportunities for growth through a more comprehensive and broader product offering. Due to the complementary nature of the two businesses from a market, product and financial perspective, we are well placed to deliver value from this acquisition and look forward to implementing the integration of the NetManage business." About Micro Focus Micro Focus (LSE: MCRO.L), is a London Stock Exchange-listed software company headquartered in the UK which provides innovative software that allows companies to dramatically improve the business value of their enterprise applications. Micro Focus Enterprise Application Modernisation and Management software enables customers' business applications to respond rapidly to market changes and embrace modern architectures with reduced cost and risk. For additional information please visit www.microfocus.com. About NetManage NetManage, Inc. (NASDAQ:NETM), is a NASDAQ-listed software company that provides the fastest way to transform core applications into new Web-based business solutions. More than 10,000 customers worldwide, including the majority of the Fortune 500, have chosen NetManage for mission critical application integration. For more information, please visit www.netmanage.com. Micro Focus Chief Executive, Stephen Kelly Chief Financial Officer, Nick Bray Tel: +44 (0)1635 32646 Financial Dynamics Harriet Keen Haya Chelhot Hazel Stevenson Tel: +44 (0)20 7831 3113 Arma Partners (Financial advisor to Micro Focus) Paul-Noel Guely, Tel: +44 (0)20 7290 8100 UBS (Broker to Micro Focus) Nick Adams, Tel: +44 (0) 20 7567 8000 Copyright Business Wire 2008